Image: Facebook/Oberto Beef Jerky

Premium Brands buys century-old snack maker Oberto Sausage Company

The 100-year-old beef jerky company sold to Premium Brands by founding Oberto family

Premium Brands Holdings Corp. will expand its portfolio of specialty meats products with the acquisition of Seattle-based Oberto Sausage Company, a 100-year-old family-run business.

Oberto produces beef jerky and other snack foods under various brands including Oberto and Cattleman’s Cut.

The business was founded in 1918 by Constantino Oberto and later led by Constantino’s son Art Oberto, who still owns it, along with other family members.

Art Oberto said in a joint statement issued by the two companies that it was a difficult decision to sell the family-owned and operated business but he has been impressed with other companies have done under the Premium Brands umbrella.

The transaction, announced the Thursday, is expected to close within four to six weeks — subject to regulatory approvals.

Premium didn’t disclose the price of Oberto alone but did say it’s spending a total of $237 million for it and an increased stake in Vancouver-based McLean Meats Inc., which makes preservative-free and organic processed meats.

In conjunction with the acquisitions, a syndicate of underwriters has agreed to pay $150 million for about 1.3 million subscription receipts, issued by Premium, to be offered in Canada to investors. Each subscription receipt provides the right to receive one Premium Brand share, plus applicable dividend, once the Oberto deal closes.

Companies in this story: (TSX:PBH)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Gord Bamford Charity Golf Classic launches into its second decade

The Gord Bamford Foundation is continuing to support youth supporting charities

Lacombe Corn Maze celebrates CFR 45

Kraay Family Farm opens July 20th

Bucs’ continue to power through AFL

67-0 win over Grand Prairie pushes Bucs’ towards showdown with Ft. Mac

Lacombe County to hold cannabis public meetings

Cannabis in Your Community meetings is aimed to encourage an open, respectful community dialogue

Innisfail-Sylvan Lake elects its new MLA

The by-election was held in the riding on July 12

WATCH: Lacombe Community Market selling local all summer

Wednesday Market coincides with Music in the Park

Winners, losers from the federal cabinet shuffle

Here’s who will be entrusted with leading the Liberal team into next year’s election

Price no guarantee for safety with horse riding helmets: new report

A Swedish insurance report reveals that many brands of equestrian helmets do not protect riders as well as they could.

Red Deer RCMP investigate $26,000 tool theft

Suspects seen heading north toward Queen’s Industrial Park

Innisfail RCMP seize eight dogs from hotel room following earlier arrest

Dogs were in distress and taken to an animal rescue organization

VIDEO: Toronto Raptors send DeMar DeRozan to Spurs in colossal NBA trade

Toronto also sent Jakob Poeltl and 2019 first-round pick, gets Kawhi Leonard and Danny Green

Wetaskiwin man facing charges after allegedly impersonating war veteran

Wetaskiwin RCMP lay charges for unlawful use of military uniforms/certificates

WATCH: 2018 Westerner Days Parade brings 1000s to downtown Red Deer

The parade begins five days of western fun and culture in Central Alberta

Kitten OK after being rescued from underground pipe in B.C.

An adventurous feline has been rescued after getting trapped in an underground pipe in Kamloops, B.C.

Most Read